Lulu Exchange to invest $3.5m in tech start-up Arkin

Dubai: Lulu Exchange Holdings, a financial services company, has announced that it will invest $3.5 million (Dh12.8 million) in tech start-up Arkin Technologies Ltd. With plans to move nearly 30 per cent of its transactions on to the digital platform by 2020, Lulu Exchange Holdings plans to offer a holistic suite of financial products and services in their cloud-banking, constituting a digital revolution in the financial services space. Lulu Exchange plans to take Arkin’s expertise to offer everything from cloud banking, real-time remittances, bills payment and Prepaid MasterCard and Visa, tap payments, prepaid products, API banking and even chat applications to various markets in the region and worldwide.